Company sells one-year convertible note to Coventry Enterprises
By Marisa Wong
Morgantown, W.Va., June 23 – Friendable, Inc. sold a $50,000 8% convertible note to Coventry Enterprises LLC on June 16, according to an 8-K filing with the Securities and Exchange Commission.
The one-year note is convertible into common stock at a rate equal to the lesser of $0.004 per share and 50% of the lowest closing bid price for the stock during the 20 trading days preceding conversion.
The investor was paid $2,500 for its legal fees and expenses.
The Campbell, Calif., company offers a mobile-social application.
| Issuer: | Friendable, Inc.
|
| Issue: | Convertible note
|
| Amount: | $50,000
|
| Maturity: | June 15, 2017
|
| Coupon: | 8%
|
| Conversion price: | Lesser of $0.004 per share and 50% of the lowest closing bid price for the stock during the 20 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | Coventry Enterprises LLC
|
| Fees: | $2,500
|
| Settlement date: | June 16
|
| Stock symbol: | OTC: FDBL
|
| Stock price: | $0.01 at close on June 15
|
| Market capitalization: | $3.49 million
|
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